Union Bank of India has launched a US$50mn 364-day loan into general syndication through mandated arrangers DBS Bank, HSBC, Standard Chartered and Sumitomo Mitsui Banking.
The margin is 19bp over Libor. Tickets on offer are: arrangers with US$7.5mn or above at 18bp; co-arrangers with US$5mn-6mn at 17bp; lead managers with US$3mn-4mn at 16bp.
Union Bank borrowed a one-year loan of US$70mn in December through Credit Lyonnais. That paid a top level all-in yield of 43bp compared to the 37bp being offered in this latest transaction.